In economics, economic value is a measure of the benefit provided by a good or service to an economic agent, and value for money represents an assessment of whether financial or other resources are being used effectively in order to secure such benefit.

"Is research in social sciences in Vietnam lagging behind?" is the big question that Prof. Vuong Quan Hoang from NVSSH, a network of researchers in social sciences and humanities under Phenikka University, and his co-workers conducted a survey to find why this had occurred.

To become more useful and efficient in sustaining the Earth's health, economics must undergo a paradigm shift in its thinking. From a humanistic perspective, humans should be the center of everything. However, from the standpoint of physics and the universe, this is not the case. As a species, having a planet among the millions in the universe where humans can survive and thrive is already a great fortune. Through this book, we also try to answer one of our long-standing (...) questions: why has economics learned so little from physics, the oldest and most rigorous academic discipline that studies nature? -/- Learning from the quantum and information theories, we also provide a new definition of value, which is expected to help economists relax assumptions and loosen established economic principles in order to change and evolve. The new definition is also expected to enable social scientists to address newly arising phenomena or events that are not accounted for by existing value systems, such as environmental crises, artificial intelligence (AI), and interdisciplinary information, more proactively and productively. (shrink)

In this essay I discuss a powerful challenge to high-liberalism: the challenge presented by neoclassical liberals that the high-liberal assumptions and values imply that the full range of economic liberties are basic rights. If the claim is true, then the high-liberal road from ideals of democracy and democratic citizenship to left-liberal institutions is blocked. Indeed, in that case the high-liberal is committed to an institutional scheme more along the lines of laissez-faire capitalism than property-owning democracy. To present and discuss this (...) challenge, I let John Rawls represent the high-liberal argument that only a narrow range of economic liberties are basic rights and John Tomasi represent the neoclassical liberal argument that the full range of economic liberties are basic rights. I show that Rawls’s argument is inadequate, but also that Tomasi’s argument fails. I thus conclude that high-liberalism is in a precarious situation, but is not yet undone by the neoclassical liberal challenge. (shrink)

Real-world economies are open-ended dynamic systems consisting of heterogeneous interacting participants. Human participants are decision-makers who strategically take into account the past actions and potential future actions of other participants. All participants are forced to be locally constructive, meaning their actions at any given time must be based on their local states; and participant actions at any given time affect future local states. Taken together, these essential properties imply real-world economies are locally-constructive sequential games. This paper discusses a modeling approach, (...) Agent-based Computational Economics, that permits researchers to study economic systems from this point of view. ACE modeling principles and objectives are first concisely presented and explained. The remainder of the paper then highlights challenging issues and edgier explorations that ACE researchers are currently pursuing. (shrink)

Teaching a compulsory, large-scale Philosophy of Economics (PoE) course to economics students presents distinct challenges. Instructors face a heterogeneous student body with varying levels of interest in the topics, diverse occupational goals and a limited philosophical background. Unlike elective courses, for which students self-select based on interest, a compulsory course entails motivating disengaged students and managing their expectations. We put forward the case for a student-oriented approach to teaching PoE, emphasising four key strategies: recognising students’ limited philosophical knowledge, (...) demonstrating the relevance of PoE to their professional and personal lives, using real-world problems to engage them and avoiding the oversimplification of topics. We argue that PoE instruction should account for the distinct characteristics of economics students, moving beyond a supply-driven approach. Our suggestions aim to enhance student engagement and provide practical guidance for instructors navigating the challenges of teaching PoE at scale. (shrink)

In contributions elsewhere to this volume, we considered the histories of Colombia and South Africa and how some of the values indigenous to those locales might plausibly bear on transitional justice in them. We advanced broadly relational and constructive (non-retributive) approaches to the social conflicts that had taken place there, ones that make victim compensation central. In this chapter we consider how Metz’s ubuntu-based reconciliatory approach to reparations might be relevant to Colombia in ways he did not consider, after which (...) we reflect on how the kinds of communitarian practices advanced by Bautista might apply to South Africa. We conclude that these cross-applications are revealing, pointing out how economic compensation in Colombia should plausibly be influenced by cultural factors, and how considerations of culture in South Africa call for compensation beyond economic factors. (shrink)

The beliefs of economists are not solely determined by empirical evidence in direct relation to the theories and models they hold. Economists hold 'ontological presuppositions', fundamental ideas about the nature of being which direct their thinking about economic behaviour. In this volume, leading philosophers and economists examine these hidden presuppositions, searching for a 'world view' of economics. What properties are attributed to human individuals in economic theories, and which are excluded? Does economic man exist? Do markets have an essence? (...) Do macroeconomic aggregates exist? Is the economy a mechanism, the functioning of which is governed by a limited set of distinct causes? What are the methodological implications of different ontological starting points? This collection, which establishes economic ontology as a coordinated field of study, will be of great value to economists and philosophers of social sciences. (shrink)

Austrian economics starts out from the thesis that the objects of economic science differ from those of the natural sciences because of the centrality of the economic agent. This allows a certain a priori or essentialistic aspect to economic science of a sort which parallels the a priori dimension of psychology defended by Brentano and his student Edmund Husserl. We outline these parallels, and show how the theory of a priori dependence relations outlined in Husserl’s Logical Investigations can throw (...) light on the Austrian account of entrepreneurship. (shrink)

Economic theories of democratic legitimacy (discussed here as minimalist theories) have criticized deliberative accounts of democratic legitimacy on the grounds that they do not represent a practical possibility and that they create conditions that make actual democracies worse. It is not simply that they represent the wrong ideal. Rather, they are too idealistic – failing to show proper regard for the cognitive and moral limitations of persons and the depth of disagreement in democratic society. This article aims to show (1) (...) that the minimalist criterion of democratic legitimacy is self-defeating and (2) that even if there are minimal cognitive, moral, and social requirements for the possibility of practicable deliberative democracy, these limitations do not necessarily impose insuperable barriers for democratic deliberation as the normative basis of democratic legitimacy. Thus, the limiting facts do not dictate the structure of appropriate normative models of democracy in the way minimalists have supposed. (shrink)

Neoclassical economists use expected utility theory to explain, predict, and prescribe choices under risk, that is, choices where the decision-maker knows---or at least deems suitable to act as if she knew---the relevant probabilities. Expected utility theory has been subject to both empirical and conceptual criticism. This chapter reviews expected utility theory and the main criticism it has faced. It ends with a brief discussion of subjective expected utility theory, which is the theory neoclassical economists use to explain, predict, and prescribe (...) choices under uncertainty, that is, choices where the decision-maker cannot act on the basis of objective probabilities but must instead consult her own subjective probabilities. (shrink)

According to what I call the ‘argument from public bads’, if a researcher deceived subjects in the past, there is a chance that subjects will discount the information that a subsequent researcher provides, thus compromising the validity of the subsequent researcher’s experiment. While this argument is taken to justify an existing informal ban on explicit deception in experimental economics, it can also apply to implicit deception, yet implicit deception is not banned and is sometimes used in experimental economics. (...) Thus, experimental economists are being inconsistent when they appeal to the argument from public bads to justify banning explicit deception but not implicit deception. (shrink)

Effective stakeholder engagement and inclusive governance are essential for effective and equitable ocean management. However, few cross-national studies have been conducted to examine how stakeholders’ economic and cultural benefit perceptions influence their support level for policies focused on ocean preservation. The current study aims to fill this gap by employing the Bayesian Mindsponge Framework (BMF) analytics on a dataset of 709 stakeholders from 42 countries, a part of the MaCoBioS project funded by the European Commission H2020. We found that economic (...) and cultural benefit perceptions are generally negatively associated with the policy support level. Regarding economic aspects, stakeholders considering transportation and shipping, renewable energy generation, and oil and gas provision as the most crucial benefits their countries’ oceans provide tend to obtain less support for policies focusing on ocean preservation. Meanwhile, for cultural aspects, perceiving recreation and tourism, aesthetic pleasure, mental health and well-being support, and sense of identity provision as the most important benefits provided by the country’s ocean are negatively associated with the policy support level. The perceived economic, cultural, and environmental tradeoffs when supporting policies focused on ocean preservation were discussed. Recommendations for improving the effective management of multi-use marine space are also provided to reduce the perceived competing interests among stakeholders. (shrink)

Economic sanctions are envisaged as a sort of punishment, based on what should be an institutional decision not unlike a court ruling. Hence, the conditions for their lifting should be clearly stated and once those are met sanctions should be lifted. But this is generally not what happens, and perhaps is precluded by the very nature of international sanctioning. Sanctions clearly have political, economic, military and strategic consequences, but the question raised here is whether sanctions can also have moral justification. (...) Illustrated by the example of international sanctions against Yugoslavia, the authors show how the process of escalating demands on a target country, inherent to the very process of sanctioning, can lead ultimately even to overt aggression. As a result of this logic of escalation, economic sanctions cannot be articulated properly in any law-like system. Economic sanctions have much more in common with war than legal punishment, and in fact represent a form of siege. As such, they cannot be ended simply on the basis of their initial rationale, for the very process of sanctions implementation opens up possibilities for setting new goals and a continuous redefinition of the goal that sanctions are seen to have. (shrink)

The Quantum Economics Intelligence Initiative, spearheaded by Quantum Economist PhDs. Kaiola M Liu integrates insights from seminal thinkers like Einstein, Archimedes, Adam Smith, Nick Land, and Sun Tzu. By applying principles of quantum mechanics, this forward-looking project aims to redefine economic modeling, exploring real-world applications and potential benefits. The initiative encompasses foundational studies, economic model applications, incorporation of quantum computing, and analysis of contemporary economic philosophies. Keywords - Quantum Mechanics, Economics, Technological Advancements, Philosophy.

The interdisciplinary economics book “Better Economics for the Earth: A Lesson from Quantum and Information Theories” by Prof. Quan-Hoang Vuong and Dr. Minh-Hoang Nguyen introduces a new concept of “growth” and “eco-surplus culture,” aiming toward an economic system that “heals” the Earth.

Coastal protection is crucial to human development since the ocean has many values associated with the economy, ecosystem, and culture. However, most ocean protecting efforts are currently ineffective due to the burdens of finance, lack of appropriate management, and international cooperation regimes. For aiding bottom-up initiatives for ocean protection support, this study employed the Mindsponge Theory to examine how the public’s perceived economic and cultural values influence their willingness to support actions to protect the ocean. Analyzing the European-Union-Horizon-2020-funded dataset of (...) 709 respondents from 42 countries, we discovered that perceived economic values have negative effects on the tendency of ocean protection supports (i.e., food, transportation, renewable energy, oil and gas, and recreation). In contrast, certain perceived cultural values can help increase the willingness to do so (i.e., mental well-being and sense of identity). However, the effects of perceived cultural values are only moderately reliable. These findings suggest that designing cultural information delivery campaigns can help promote coastal reserve supports, such as fundraisings and preserving the oceans from the community. (shrink)

We present bibliometric evidence for increasing estrangement between the philosophy of economics and economics itself. Our analysis centers on research articles published in the Journal of Economic Methodology (JEM) between 1994 and 2021. We analyze the citations within these research articles, in particular with respect to the citations of economics. Our results are fourfold. (1) The share of economic citations in JEM articles has been decreasing. (2) The remaining economic citations in JEM articles are increasingly older relative (...) to citation patterns within economics. (3) The profile of economic citations in JEM articles is increasingly dissimilar when compared to what is cited within economics. (4) There is decreasing diversity with regards to the share of attention towards different economic subfields in the articles published in JEM when compared to economics. We discuss interpretations of this evidence for estrangement between philosophy of economics and economics. (shrink)

Exploitation and Economic Justice in the Liberal Capitalist State offers the first new, liberal theory of economic justice to appear in more than 30 years. The theory presented is designed to offer an alternative to the most popular liberal egalitarian theories of today and aims to be acceptable to both right and left libertarians too.

In this paper, I compare the methodology of the Austrian school to two alternative methodologies from the economic mainstream: the ‘orthodox’ and revealed preference methodologies. I argue that Austrian school theorists should stop describing themselves as ‘extreme apriorists’ (or writing suggestively to that effect), and should start giving greater acknowledgement to the importance of empirical work within their research program. The motivation for this dialectical shift is threefold: the approach is more faithful to their actual practices, it better illustrates the (...) underlying similarities between the mainstream and Austrian research paradigms, and it provides a philosophical foundation that is much more plausible in itself. (shrink)

This research aims at establishing the impact of information and communication technologies (ICT) on e-commerce development of industrial enterprises by means of economic and mathematical modelling. The goal was achieved using the following methods: theoretical generalization, analysis and synthesis (to critically analyse the scientific approaches of scientists regarding the expediency of using mathematical models in the context of enterprises’ e-commerce development), target, comparison and grouping (to reveal innovative methodological approach to assessing ICT impact on e-commerce development of industrial enterprises), tabular, (...) analytical and integral method (for summarizing the analysis results of enterprises readiness to implement ICT, ICT use in the activities of industrial enterprises of Ukraine and the analysis of e-commerce development), mathematical modelling (to build a regression model determining impact of changes in ICT use on the market share occupied by industrial enterprises), generalization (to determine promising directions of e-commerce developing of industrial enterprises). The implementation of a comprehensive approach to understanding the importance of ICT influence on e-commerce development of industrial enterprises will ensure acceleration of the digitalization of business processes, will contribute to the speed increase of enterprises response to customer requests, and increase the market share occupied by enterprises. A new vision of directions for developing e-commerce of industrial enterprises is suggested, which are determined by the need for enterprise rebranding, the development of e-commerce tools and technologies, the importance of outsourcing service automation and promotion of subscription trade. ICT is considered as integration factor that determines prospects for e-commerce development of industrial enterprises and contributes to increasing efficiency of online business management. Research results demonstrate that the use of economic and mathematical modelling is an important tool for assessing ICT impact, and its absence can negatively affect the accuracy and validity of online business management. (shrink)

It is sometimes claimed that forgiveness involves the cancellation of a moral debt. This way of speaking about forgiveness exploits an analogy between moral forgiveness and economic debt-cancellation. Call the view that moral forgiveness is like economic debt-cancellation the Economic Model of Forgiveness. In this article I articulate and motivate the model, defend it against some recent objections, and pose a new puzzle for this way of thinking about forgiveness.

This article was championed in view of the notion of (perceived) economic rationalisation which seem to be the foremost of patients' care in the NHS as opposed to addressing distress to their existing well-being, while in a state of being tormented with agonising news of prolonged ill health. Serious consideration is given to addressing the need to rationalise resources in ensuring the long standing history of the NHS' free health care is critically addressed, but not in a way that destroys (...) confidence on the ability of professionals to manifest ethical prudence in their acts of judgments about whether patients' care is to be imminent or prolonged on a waiting list. There is certainly serious impacts to be comprehended with in situations of economic rationality through services provided by the NHS, but it is believed that tangible outcomes about definitive care for patients should be addressed collaboratively. (shrink)

The relationship between economics and the philosophy of natural science has changed substantially during the last few years. What was once exclusively a one-way relationship from philosophy to economics now seems to be much closer to bilateral exchange. The purpose of this paper is to examine this new relationship. First, I document the change. Second, I examine the situation within contemporary philosophy of science in order to explain why economics might have its current appeal. Third, I consider (...) some of the issues that might jeopardize the success of this philosophical project. (shrink)

This paper addresses ways of arguing fors ome form of economic democracy from within a broadly Rawlsian framework. Firstly, one can argue that a right to participate in economic decision-making should be added to the Rawlsian list of basic liberties, protected by the first principle of justice. Secondly,I argue that a society which institutes forms of economic democracy will be more likely to preserve a stable and just basic structure over time, by virtue of the effects of economic democratization on (...) the development of an active, democratic character among citizens. Thirdly, I argue that a proper understanding of the demands of the difference principle shows that justice demands more than ex post redistribution, but also requires the ex ante redistribution of power and authority in economic life. This connects to Rawls’s discussion of the badness of inequality, and to his endorsement of a “property-owning democracy”. -/- My conclusion is that, even if we may doubt the success of this first Rawlsian argument,the second and third arguments are both successful, and together establish a strong Rawlsian case forseeing economic democratization as a requirement of justice. (shrink)

This chapter uses Uskali Mäki’s (2009) concepts of “good” and “bad” imperialism to investigate the “economics imperialism” thesis. If science expands by offering (a) consilience, and (b) epistemological and ontological unity – that is, it explains more phenomena with greater parsimony – then this is good scientific expansion. Economics imperialism is only bad if the methodology of economics expands outside its domain without increasing understanding in the above manners.

The theme of this issue of the St. Gallen Business Review is "Harmony". For this reason, we would like to discuss whether two aspects of our life- world are in harmony, namely economic optimization and morality. What is the relation between them? According to a widely shared view, which is one aspect of the doctrine of "mainstream economics", the functioning of an economic system does not require moral behaviour on the part of the individual economic agent. In what follows, (...) we will try to convince you that this is false. If all economic agents – managers, employees, bankers, consumers and so on – were purely self-interested, as mainstream economics assumes, our economic practice would fail. There are various reasons for this. Here we will focus on one of them, namely the pivotal role of interpersonal communication. (shrink)

The essay proceeds from the assumptions that for a economic/political integration group to succeed, first, its participants’ motives should ideally be as alike as possible and not oppose one another and, second, their expectations from integration should correspond to the organisation’s capabilities. In light of these assumptions, the study endeavours to assess the Eurasian Economic Union’s (EAEU) potential for stability and development. First, the author analyses the key motives that were driving its member states’ decisions to enter the organisation, compares (...) them with one another and discusses how the countries’ motives influence their conduct in the union. Second, the author confronts those motives against the EAEU’s activities and the general logic of interstate politics on the post-Soviet space to reckon up whether the bloc’s capabilities fit with the expectations of its member countries. Finally, based on that discussion, the author speculates on how the divergence/convergence of EAEU member states’ goals, as well as the (in-)feasibility of their expectations, affect the organisation’s development. (shrink)

If you’re looking for a fresh take on solving our planet's environmental issues, “Better Economics for the Earth” by Vuong and Nguyen is a must-read. This book is not just another dense economic text; it’s a riveting exploration into how quantum physics and information theory can totally transform our approach to economics, making it more suited to tackle today’s ecological crises.

The democratic boundary problem raises the question of who has democratic participation rights in a given polity and why. One possible solution to this problem is the all-affected principle, according to which a polity ought to enfranchise all persons whose interests are affected by the polity’s decisions in a morally significant way. While AAP offers a plausible principle of democratic enfranchisement, its supporters have so far not paid sufficient attention to economic participation rights. I argue that if one commits oneself (...) to AAP, one must also commit oneself to the view that political participation rights are not necessarily the only, and not necessarily the best, way to protect morally weighty interests. I also argue that economic participation rights raise important worries about democratic accountability, which is why their exercise must be constrained by a number of moral duties. (shrink)

The paper considers three questions. First, what is the connection between economics and agency? It is argued that causation and explanation in economics fundamentally depend on agency. So a philosophical understanding of economic explanation must be sensitive to an understanding of agency. Second, what is the connection between agency and causation? A causal view of agency-involving explanation is defended against a number of arguments from the resurgent noncausalist tradition in the literature on agency and action-explanation. If agency is (...) fundamental to economic explanation, it is argued, then so is causation. Third, what is the connection between causal explanation and the natural sciences? It is argued that, though the explanations given in economics and other social sciences are causal explanations, they are different in kind from the causal explanations of the natural sciences. On the one hand, then, the causal explanations of the social sciences are irreducible to those found in the natural sciences. On the other hand, the causal relations described by the social sciences are not completely autonomous; they do not float free of, or operate independently from, the causal relations charted by the natural sciences. (shrink)

In the context of the digital economy development, the priority component of the economic security of an enterprise is changing from material to digital, constituting an independent element of enterprise security. The relevance of the present research is driven by the need to solve the issue of modernizing the economic security of the enterprise taking into account the new risks and opportunities of digitalization. The purpose of the academic paper lies in identifying the features of preventing internal and external negative (...) influences (threats) in order to guarantee the effective and stable functioning and dynamic social development of the enterprise in the context of digitalization. The research methods are as follows: general scientific research methods, in particular, logical analysis, theoretical substantiation, methods of induction and deduction, formalization and generalization, statistical observation. Results. It has been proposed to introduce the concept of “digital security of the enterprise” for replacing the concept of “information component of economic security” in order to bring the terminology in line with new economic realities. The implementation of the “black box” model has made it possible to identify the latest risks and threats to the economic security of an enterprise within the conditions of the digitalization that differs from the existing ones. The assessment of enterprises’ digital security of the European Union member states has revealed that the digital security level does not depend on the size of the country, however, it is influenced by the institutional environment (in particular, digital development tools in the EU) and the size of enterprises. Also, within the research framework, an assessment of the digital security level of enterprises in the context of digitalization has been proposed. In order to characterize enterprises by the level of digital security, a calculation procedure using the coefficient method has been proposed. (shrink)

This paper addresses the project of philosophical autobiography, using two different perspectives. On the one hand, the societal, economic, and family contexts of William James are addressed, and connected a modern academic context of business ethics research, marketing and purchasing decision making, and the continuing financial crisis. The concepts of “stream of consciousness” and “acting as-if” are connected to recent literature on William James. On the other hand, the significance of family context, and the possible connection between the William James (...) family and the author, is addressed through shared family narratives interspersed throughout the paper. (shrink)

Socioeconomic status refers to the family's social and economic standing in society. It is measured by combining an individual or group's economic and social position, which is often based on income, education, and occupation. It significantly affects academic performance and even one's health status. The pandemic changed the educational system, causing a huge transition from traditional learning methods to online learning. This shift resulted in confusion, burden, and difficulty among students from different walks of life. This study was conducted to (...) determine the academic stress on online learning among nursing students in relation to their economic status and their ability to access technology. The study utilized a quantitative-correlational method aided by a standard questionnaire. Two hundred thirty-six University of Bohol nursing students enrolled in the second semester of SY 2021–2022 were included in the study by random selection. Data revealed a significant correlation between economic status and the level of stress related to academic expectations and a significant correlation between economic status and access to technology after being subjected to the Spearman rho test of correlation. However, no significant correlation was found between access to technology and the respondents' level of academic stress. (shrink)

What are economic exchanges? The received view has it that exchanges are mutual transfers of goods motivated by inverse valuations thereof. As a corollary, the standard approach treats exchanges of services as a subspecies of exchanges of goods. We raise two objections against this standard approach. First, it is incomplete, as it fails to take into account, among other things, the offers and acceptances that lie at the core of even the simplest cases of exchanges. Second, it ultimately fails to (...) generalize to exchanges of services, in which neither inverse preferences nor mutual transfers hold true. We propose an alternative definition of exchanges, which treats exchanges of goods as a special case of exchanges of services and which builds in offers and acceptances. According to this theory: (i) The valuations motivating exchanges are propositional and convergent rather than objectual and inverse; (ii) All exchanges of goods involve exchanges of services/actions, but not the reverse; (iii) Offers and acceptances, together with the contractual obligations and claims they bring about, lie at the heart of all cases of exchange. (shrink)

The complexity that we observe in nature can often be explained in terms of cooperative behavior. For example, the major transitions of evolution required the emergence of cooperation among the lower-level units of selection, which led to specialization through division-of-labor ultimately resulting in spontaneous order. There are two aspects to address explaining how such cooperation is sustained: how free-riders are prevented from free-riding on the benefits of cooperative tasks, and just as importantly, how those social benefits arise. We review these (...) problems from an economic perspective, and highlight how ideas from economics can help us to better understand how the benefits of social interactions arise, how they are sustained, and how they affect the underlying social dilemmas. (shrink)

The article gives a definition of the technical and economic potential of the application of the deforming broaching process. Research of the consequences of introducing deforming broaching into technological processes at manufacturing enterprises is carried out on the basis of application of system resource and matrix approach. On the basis of the performed researches, a methodological basis for the economic evaluation of the results of applying deforming broaching on the pro-duction has been developed. The article has improved the well-known scientific (...) and methodological foundations for the determination of technical and economic results of the application of deforming broaching due to the complex identifica-tion of production-organizational decisions - in technical and forms of evaluation in economic spheres. The developed approach gives an opportunity to more accu-rately assess the economic effect of introducing deforming broaching on the min-ing, metallurgical and machine building industries. It can be used to assess the economic effect of introducing other process parts processing. (shrink)

This article argues that economic crises are incompatible with the realisation of non-domination in capitalist societies. The ineradicable risk that an economic crisis will occur undermines the robust security of the conditions of non-domination for all citizens, not only those who are harmed by a crisis. I begin by demonstrating that the unemployment caused by economic crises violates the egalitarian dimensions of freedom as non-domination. The lack of employment constitutes an exclusion from the social bases of self-respect, and from a (...) practice of mutual social contribution crucial to the intersubjective affirmation of one’s status. While this argument shows that republicans must be concerned about economic crises, I suggest a more powerful argument can be grounded in the republican requirement that freedom must be robust. The systemic risk of economic crisis constitutes a threat to the conditions of free citizenship that cannot be nullified using policy mechanisms. As a result, republicans appear to be faced with the choice of revising their commitments or rejecting the possibility that republican freedom can be robustly secured in capitalist societies. (shrink)

Economies are complicated systems encompassing micro behaviors, interaction patterns, and global regularities. Whether partial or general in scope, studies of economic systems must consider how to handle difficult real-world aspects such as asymmetric information, imperfect competition, strategic interaction, collective learning, and the possibility of multiple equilibria. Recent advances in analytical and computational tools are permitting new approaches to the quantitative study of these aspects. One such approach is Agent-based Computational Economics (ACE), the computational study of economic processes modeled as (...) dynamic systems of interacting agents. This chapter explores the potential advantages and disadvantages of ACE for the study of economic systems. General points are concretely illustrated using an ACE model of a two-sector decentralized market economy. Six issues are highlighted: Constructive understanding of production, pricing, and trade processes; the essential primacy of survival; strategic rivalry and market power; behavioral uncertainty and learning; the role of conventions and organizations; and the complex interactions among structural attributes, institutional arrangements, and behavioral dispositions. (shrink)

One core question in contemporary political economy is whether economic liberties should be constitutionally protected as basic rights. In this article I do not provide a positive argument for the view that economic liberties are basic rights. Rather, I seek to provide a reason for not embracing the opposing view, i.e. that economic liberties should not be constitutionally protected as basic rights. Based on Hayek’s theory of price as signal, I argue that price control, a view usually associated with high (...) liberals, and sometimes endorsed by moderate welfarists, is environmentally sub-optimal. (shrink)

This article comprises an up-to-date critical review of the field known as Economic Methodology or Philosophy of Economics (EM/PE). Two edited volumes (Kincaid and Ross 2021; Heilmann and Reiss 2021), a special issue of the Journal of Economic Methodology (2021), and a recent bibliometric analysis of the field (Claveau et al. 2021) constitute the basis of the review. Drawing on these sources, we identify a number of problematic trends in current EM/PE research. We claim that these trends could be (...) interpreted as two kinds of biases, namely a micro-level bias and a mainstream bias. We discuss the respective details of these biases and their normative implications for the discipline. (shrink)

“Better Economics for the Earth: A Lesson from Quantum and Information Theories” is a synthesis of ideas that promise to revolutionize our understanding of economics. Authors Quan-Hoang Vuong and Minh-Hoang Nguyen nurture a refreshing perspective by intertwining complex scientific theories with the intricate dance of economic systems. Their exploration goes beyond the traditional frameworks, engaging readers in a journey that teases the intellect while whispering secrets of the universe that are intimately tied to our everyday lives. The book (...) earns a glowing 5 out of 5 stars for its audacious approach to expanding economic thought, its emotional resonance, and its ability to captivate the intellect. Vuong and Nguyen have crafted a narrative that is not only timely but also timeless, as it invites readers to be part of a dialogue that could transform our world. This book is essential reading for anyone eager to explore the nexus of science and economics, pushing boundaries while maintaining an engaging and humane touch. (shrink)

This paper rigorously examines the primitive foundations of economic reasoning through an original framework based on symbolic logic. Extending previous work, it formalizes economic conceptions (\(\mathbb{C}\)), symbols (\(s_i\)), and introduces a structured language (\(\mathcal{L_{\mathbb{C}}}\)) to define their formation and interpretation. Organized as a continuous chain of declarations and illustrations, the paper offers a concise, systematic approach to understanding the philosophy of economic reasoning through formal representations.

In the context of Ukraine’s membership in the WTO, the functioning of a free trade area with the EU, the opportunity for agricultural producers to obtain a larger share of the value added is primarily linked to the intensification of trade in domestic livestock products and their processing products. However, their production is one of the high-risk areas and requires a set of measures aimed at ensuring proper quality. Without effective solution of the problem of quality of livestock products it (...) is impossible to ensure its competitiveness in the world market, to guarantee the rational nutrition of the population of the country, the availability of the necessary components for the vital activity of the human body. The aim of the research is to determine the socio-economic factors for ensuring the quality of livestock products in Ukraine. The scientific and specific research methods were used to solve the tasks set in the work: the historical method; abstraction method; method of comparative analysis; system-structural method. The main producer of livestock products in Ukraine are households. They do not have the capabilities to implement technologies of keeping, feeding, veterinary services, programs prerequisites for guaranteeing the safety of products, adherence to the HACCP principles. In Ukraine, real technical, economic and organizational-economic prerequisites for ensuring the safety and quality of livestock products are created only in the poultry meat sector. During 2015-2017, the trends in production of almost all types of livestock products except poultry and honey were identified. One of the reasons for this situation was, firstly, decreasing in capital investment in the livestock sector, and secondly, the low profitability of production of livestock products in the context of accelerated growth in prices for resources. It is proved that insignificant market (price) incentives should be supplemented with instruments of state assistance to improve the quality parameters of products on the basis of specialized enterprises. The necessity of state support for the production of livestock products based on small and medium-sized enterprises is substantiated. This will effectively combine the processes of increasing the production of livestock products with the environmental friendliness of production and steady improvement of quality. It is shown that the low quality of certain livestock products in Ukraine is caused by insufficient living standards of the population and low incomes of the majority of households, which cause them to consume low quality products. It is determined that the problem of guaranteeing the quality of livestock products in Ukraine has deep roots cause due to the influence of socio-economic factors. Therefore, a comprehensive approach is needed to solve it, which is not limited to improving the efficiency of the state control system and successfully harmonizing of the Ukrainian technical regulation system with the European one. The problem of low quality and the danger of livestock production requires a systematic approach for its solution, which is not limited, in particular, by measures to improve the system of state control and ensure approximation of the domestic technical regulation system to the European one. In Ukraine, major high-quality animal products are economically inaccessible to a large part of households. The projected increase in safety parameters and a certain improvement in the quality of livestock products as a result of the implementation of regulations adopted in 2014-2017, will necessarily lead to an increase in its value, and therefore may lead to a decrease in market demand and even greater inaccessibility of these products to people. All this can only aggravate the situation with guaranteeing the food security of the country, forming the prerequisites for increasing the intellectual capacity of the nation. (shrink)

This research paper attempts to get pragmatic way to deal with few questions like, 'Will Indian Economic thoughts be able to give directions to crises-ridden global economic system?', 'Can India show solutions to the World's Present Socio-economical crises?'' and What are the Alternatives available before mankind to avoid economic crises?' The concept of economic exploitation or “exploitation” which has been the focal point of solemn philosophical debate is one of the favorite nouns in the glossary of critics of the free (...) market economy. The strongest version of the claim that the free market necessarily involves exploitation is that of Karl Marx. The aim of this research paper is to bring to the notice of economist, policy makers, research scholars, professors and students of economics as well as of philosophy and layman, that what kind of solution, a Philosopher from India, like Prof. Surendra S. Barlingay has to offer to the discipline of economics at large. (shrink)

Nigerian schools are diverse, resulting in psychological hazards for most workers, particularly teachers. It is common for teachers to suffer from psychosocial work hazards in Nigeria, yet no research has been conducted to examine how teachers' demographics influence such hazards. Therefore, this study investigated the psychological hazards faced by Home Economics lecturers based on their age and location. The researcher employed an ex-post fact design and a quantitative approach to study 62 Home Economics lecturers in southeast Nigerian universities. (...) In the study, researchers devised a 28-item questionnaire to collect data about work deviant behavior. A reliability index of 0.76 was estimated for the items of the questionnaire. The data were analyzed using analysis of variance. The findings revealed a high prevalence of Psychological job hazards among Home Economics lecturers in Southeast Universities. Psychological job hazards of Home Economics lecturers were not significantly influenced by their age or location. This implies that psychosocial job risks are not greatly influenced by the age and location of Home Economics lecturers. In conclusion, it was recommended that secondary school authorities consider teacher age and location when assessing psychosocial work hazards. (shrink)

The 1994 US spectrum auction is now a paradigmatic case of the successful use of microeconomic theory for policy-making. We use a detailed analysis of it to review standard accounts in philosophy of science of how idealized models are connected to messy reality. We show that in order to understand what made the design of the spectrum auction successful, a new such account is required, and we present it here. Of especial interest is the light this sheds on the issue (...) of progress in economics. In particular, it enables us to get clear on exactly what has been progressing, and on exactly what theory has – and has not – contributed to that. This in turn has important implications for just what it is about economic theory that we should value. (shrink)

The argument presented here is that we live in a nihilistic culture founded on a nihilistic metaphysics, and to recover ethics it is not merely a matter of returning to virtue ethics, as called for by Alasdair MacIntyre, but the development of a new metaphysics and the incorporation of this into a new socio-economic order.

Why, if at all, should we object to economic inequality? Some central arguments – the argument from decreasing marginal utility for example – invoke instrumental reasons and object to inequality because of its effects. Such instrumental arguments, however, often concern only the static effects of inequality and neglect its intertemporal conse- quences. In this article, we address this striking gap and investigate income inequality’s intertemporal consequences, including its potential effects on humanity’s (very) long-term future. Following recent arguments around future generations (...) and so-called longtermism, those effects might arguably matter more than inequality’s short-term con- sequences. We assess whether we have instrumental reason to reduce economic inequality based on its intertemporal effects in the short, medium, and the very long term. We find a good short and medium-term instrumental case for lower economic inequality. We then argue, somewhat speculatively, that we have instrumental reasons for inequality reduction from a longtermist perspective too, primarily because greater inequality could increase existential risk. We thus have instrumental reasons to reduce inequality, regardless of which time-horizon we take. We then argue that from most consequentialist perspectives, this pro tanto reason also gives us all-things-considered reason. And even across most non-consequentialist views in philosophy, this argument gives us either an all-things-considered or at least weighty pro tanto reason against inequality. (shrink)

Until recently, the economic history of pre-colonial Africa was replete with uncomplimentary theories and from scholars of different disciplines. The belief was that the economy was subsistent, uniform, unchanging and very uninteresting. These theorists believed that the dominant agricultural sector was virtually immobilized by a combination of primitive technology, like communal land tenure and extended family, while the development of key entrepreneurial groups was inhibited by the prevalence of an anti-capitalist value system. The historical analytical method was adopted in this (...) research. The theories portrayed pre-colonial Africans as people that lacked the capacity to progress even though they lived in a rich environment. It was believed that it was not until the advent of the Europeans that positive changes were recorded. However, contrary to these theories, the Ibibio pre-colonial economy was premised on agriculture, complemented by trade and the existence of local industries. Thus, their pre-colonial economy was more coordinated, complex and diversified than the Eurocentric writers opined. The success recorded in this direction was activated by economic diplomacy which the Ibibio had practiced in the pre-colonial period. Issues relating to the economy were properly managed through the adoption of various relevant methods and strategies. Since the economy of a people operates in the society and remains fundamental to the survival of such society with the capacity to influence the political and other institutional decisions, economic diplomacy triggered holistic development in Ibibioland. Based on these, it recommended that present day Ibibio economy should not be totally divorced from these fundamental variables if the Ibibio are to be economically relevant in present day Nigeria. (shrink)